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CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL)

Canadian Natural Resources Limited (CNRL) · Mar 1, 2012 · 74 slides

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Slides

  1. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 1
    Corporate Presentation March 2012 THE PREMIUM VALUE DEFINED GROWTH INDEPENDENT
  2. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 2
    DELIVERING VALUE AND GROWTH SNAPSHOT 2011 2012F Cash flow(1) (C millions) 6,547 7,600 - 8,000 Per share basic(1) (C) 5.98 6.95 - 7.30 Capital expenditures(2) (C millions) 6,010 7,045 Dividend (C/share) 0.36 Common shares…
  3. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 3
    Who is Canadian Natural Canadian based E&P company with international exposure US45 billion enterprise value 599 MBOE/d 2011 65% crude oil weighted 648-696 MBOE/d 2012F 68% crude oil weighted Returns focused Major oil sands…
  4. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 4
    Committed Management Substantial Management / Directors Stock Ownership management and (US Million) director wealth 1,800 1,659 at stake 1,600 Strong motivation for 1,400 management to 1,200 perform 1,000 Delivers clear…
  5. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 5
    Canadian Natural Building Continued Sustainable Value Drive our effective capital allocation model to: Maximize ROC Generate significant Free Cash Flow Continue transition to a more sustainable, long term asset base Maintain strong…
  6. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 6
    Canadian Natural Delivering Sustainable Value Strong, balanced assets / experience / excellence with significant upside Light crude oil and NGL Offshore, Water Flood, Enhanced oil recovery, Horizontal multi frac Canada 17% growth in…
  7. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 7
    Canadian Natural Delivering the CNQ Outcomes Significant Free Cash Flow 0.7 billion - 1.1 billion in 2012 Production / Value Growth 10% Q4-12 over Q4-11 3.8 billion (53%) of 2012 capital program for future growth Transition to more…
  8. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 8
    Target Growth In Near / Mid / Long Term CNQ can organically grow production 2012 targeted growth driven by Horizon recovery (MBOE/d) Primary Heavy 1,200 Thermal in situ North America Light and NGL 2012 2015 targeted growth driven…
  9. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 9
    Targeted Growth In Liquids Production 60% % of CNQ Liquids Production Transformation to a long life asset base 50% Production balance remains unchanged 40% 30% 55% 45% 20% 35% 10% 19% 0% 2007 2011 2015F 2018F Thermal In…
  10. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 10
    Canadian Natural 2012 Forecast Targeted Production 2011* 2012F* % Change Crude oil (Mbbl/d) Canada Light and NGLs 57 64-68 17% Pelican Lake 38 38-40 3% Primary Heavy 103 114-122 15% Thermal in situ 98 104-110 9% International 53…
  11. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 11
    Canadian Natural 2012 Forecast Capital ( Million) 2011 2012F % Change Natural gas 707 645 (9)% Crude oil Pelican Lake 426 470 10% Primary Heavy 980 990 1% Thermal in situ 1,244 1,420 14% Light Canada 518 550 6% North Sea 232 350…
  12. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 12
    Natural Gas Overall Strategy Natural Gas prices will be low for 5 to 10 years Leverage our dominant infrastructure and land base Maintain our position as most efficient producer Generates Free Cash Flow Continue to strengthen our…
  13. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 13
    North America Natural Gas Core Area Summary Q4/11 production NEBC 1,255 MMcf/d natural gas AB SK 355 MMcf/d 22 Mbbl/d associated liquids Large proved and Northern Plains unproved land position 230 MMcf/d 2P reserves Fort St.…
  14. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 14
    North America Natural Gas 2012 Plan 2011 2012F % Change Production (MMcf/d) 1,231 1,225-1,275 2% Drilling (net wells) 86 45 (48)% Capital ( Million) Turnaround / Maintenance 106 135 Land / Seismic 66 57 Drill, Complete, Tie-in 535…
  15. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 15
    Heavy Oil Assets Thermal in situ development Birch Mountain 2011 full production 98,000 bbl/d (W. Horizon) Massive resource potential Staged value growth Gregoire 360,000 bbl/d of additional production capacity AB Grouse SK…
  16. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 16
    Thermal In Situ Oil Sands Land Holdings Birch McMurray Mtn. Birch Mountain Gregoire Fort McMurray Kirby Grande Prairie Grouse Saleski Gregoire Leismer Edmonton Ipiatik Germain Clearwater Oil Sands Primrose, Wolf Lake…
  17. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 17
    Thermal In Situ Oil Sands Potential Grand Rapids 14 Billion barrels Proved Reserves** Clearwater 1.0 Billion bbl 10 Billion barrels Probable Reserves** 0.7 Billion bbl Wabiskaw 9 Billion barrels Resources* 6.8 Billion bbl…
  18. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 18
    Thermal In Situ Oil Sands Growth Plan Oil Facility Target Steam-In Phase Reservoir Capacity Target Timing (bbl/d) (year) Primrose South/North CSS Clearwater 80,000 On Stream Primrose East CSS Clearwater 40,000 On Stream Kirby South…
  19. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 19
    Thermal In Situ Oil Sands 2012 Plan 2011 2012F % Change Production (Mbbl/d) 98 104-110 9% Drilling (net wells) Producers 141 135 Kirby SAGD pairs 15 24 Strats 255 408 Service / Observations wells 75 55 Total 486 646 33% Capital (…
  20. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 20
    Thermal In Situ Oil Sands Primrose Strategy Significant pad adds left to fully develop Optimize steaming techniques Potential future facility debottleneck / expansion Wolf Lake McMurray / Grand Rapids SAGD development CSS follow up…
  21. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 21
    Thermal In Situ Oil Sands Primrose 2012 Plan Pads Production* Cost (bbl/d) (/bbl/d) Primrose East 6 20,000 12,900 Primrose South 3 15,000 13,000 *Cyclic production year average. In situ operating costs Q2/10 Vs. Q2/11 (Kirby South…
  22. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 22
    Thermal In Situ Oil Sands Kirby 2012 Plan Kirby South Phase 1 - 40,000 bbl/d 45,000 bbl/d facility capacity Costs on budget, on schedule At Q4/11 the project is 33% complete Drill 24 well pairs Progress facility construction Steam…
  23. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 23
    Thermal In Situ Oil Sands Projects Summary Primrose field development Kirby hub Kirby South Phase 1 and Phase 2 Kirby North Phase 1 and Phase 2 Regulatory application for Kirby North Phase 1 and 2 and Kirby South Phase 2 submitted…
  24. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 24
    Primary Heavy Oil Major player Q4/11 production 112 Mbbl/d primary heavy crude oil Largest primary producer in region ECHO Pipeline Large land base CNQ Producing Properties Land largely held long tenure CNQ Lands Production…
  25. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 25
    Primary Heavy Oil 2012 Plan 2011 2012F % Change Production (Mbbl/d) 103 114-122 15% Drilling (net wells) 783 808 Recompletion (net wells) 575 416 Capital ( Million) 980 990 1% Target production growth of 8% per year for the next three…
  26. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 26
    Pelican Lake Oil Pool World class oil pool Polymer flood successful both technically and economically Technology enhancements will How much of that oil is producible continue to improve oil recovery 363 Million barrels of 2P Proved…
  27. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 27
    Pelican Lake Polymer Flood Strategy 2011 a year of transition Slower response in South Many learnings for optimization Oil recoveries trending higher Deferred Q4 drilling program 2012 focus on optimization New battery construction…
  28. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 28
    Pelican Lake 2012 Plan 2011 2012F % Change Production (Mbbl/d) 38 38-40 3% Drilling (net wells) Producers 13 13 Injectors - 63 Capital ( Million) 426 470 10% Significant pre-investment for future polymer volumes Polymer response in…
  29. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 29
    Canadian Light Oil and NGL Strategy Large land base and assets in Canada Optimize existing waterfloods Leverage technology EOR CO2, ASP Horizontal Multi Fracs New pool developments 9 new plays Deliver 17% production growth…
  30. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 30
    Canadian Light Oil and NGL 2012 Plan 2011 2012F % Change Production* (Mbbl/d) 57 64-68 17% Drilling (net wells) 142 134 (6)% Capital ( Million) Drilling, completions and tie-ins 346 400 Technology, EOR 157 150 Total 518 550 6%…
  31. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 31
    International Overall Strategy Maintain our existing operations Convert undeveloped potential to production As platform slots become available North Sea Offshore Africa Ninian Espoir Tiffany Baobab Infill drilling program Espoir…
  32. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 32
    International 2012 Plan International 2011 2012F % Change Crude oil production (Mbbl/d) 53 35-45 (25)% Capital ( Million) 265 480 81% North Sea Turnaround on 4 platforms Ninian Workovers Water injection wells Tiffany Production…
  33. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 33
    International South Africa Paddavissie Fairway Basin floor fans up to 150m thick 2D seismic AVO and DHI anomolies Existing production Up slope production Oryx and Oribi CNRI Block Targeted drill 11B/12B Q4/13 Q1/14 h te r…
  34. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 34
    Heavy Oil Three Pronged Marketing Plan Additional refinery conversion capacity CNQ commitments: Conversion 100 Mbbl/d to USGC refiner Refining: cokers / hydrocrackers capacity Cumulative Incremental Volume Upgrading: bitumen / heavy…
  35. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 35
    Redwater Upgrading/Refining Joint Venture Fits Canadian Naturals strategy to support additional heavy oil conversion capacity North West Upgrading and Canadian Natural formed a 50/50 partnership (NWRP) to construct and operate a new…
  36. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 36
    Horizon Oil Sands Mining resources 14.4 billion barrels BIIP* Gross proved plus probable SCO reserves 3.4 billion barrels SHC Synenco Best estimate contingent SU resources other than reserves CNQ 2.6 billion barrels of bitumen…
  37. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 37
    Horizon Operations Q4/11 production 103 Mbbl/d synthetic crude oil OPP 3 turned over to operations in January 2012 Opportune maintenance Turnaround 2013 Operations discipline in place CNQ Slide 36
  38. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 38
    Horizon Oil Sands 2012 Plan 2011 2012F % Change Production (Mbbl/d) 40 85-95 125% Sustaining Capital ( Million) 170 225 Turnarounds, Reclamation & Other ( Million) 135 180 Project capital ( Million) Reliability - Tranche 2 170 145…
  39. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 39
    Horizon Oil Sands Expansion Update Reliability Projects on track, costs running below budget OPP3 turned over to operations Directive 74 On track Pilot studies, show potential cost savings Phase 2A Coker expansion 6 months…
  40. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 40
    2012 Budget Summary Cash Flow 7.6-8.0 Billion 2012 Free Cash Flow 0.7-1.1 Billion Capital 7.0 Billion Production Growth Q4/Q4 10% Capital for Future Production 3.8 Billion 53% Capital Flexibility 3 Billion 42% 2011 2012F Production…
  41. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 41
    Canadian Natural Free Cash Flow Uses 1) Opportunistic acquisitions 2) Dividends 12 consecutive years of dividend increases 21% CAGR Must be sustainable 3) Pay down debt 4) Share buybacks Target to eliminate dilution 3.071 million at…
  42. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 42
    Canadian Natural Advantage Management, business philosophy, practice Strong, balanced assets Vast opportunities Balanced, proven, effective strategy Control over capital allocation Nimble Capture opportunities Willingness to make…
  43. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 43
    Reporting Disclosures Special Note Regarding Currency, Production and Reserves In this document, all references to dollars refer to Canadian dollars unless otherwise stated. Reserves and production data are presented on a before…
  44. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 44
    Appendices CNQ Slide 44
  45. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 45
    Who is Canadian Natural Consistent value Production / Proved Reserves History (before royalties) creation through 6,000 700 successful Exploitation Daily Production (MBOE/d) 600 Proved Reserves (MMBOE) 5,000 Exploration…
  46. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 46
    Natural Gas Outlook Shale gas production is real Shale gas reserves look real Shale gas full cycle returns at 4.00 AECO not certain Sweet spots yes Liquids rich yes to maybe Overall too early to tell LNG supply threat still exists…
  47. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 47
    Septimus Montney Play Strategic Development Large resource Liquids rich gas Project to date Drilled 15 wells in 2010 and 13 wells in 2011 Avg D&C cost 5.7 MM/well Between 9-13 fracs per horizontal well Constructed 50 MMcf/d refrig…
  48. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 48
    Natural Gas Operating Cost Peer Comparison (/Mcf) 3.00 Peer Average 2.50 2.00 Peer Group 1.50 1.00 0.50 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 4/ 1/…
  49. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 49
    Heavy Oil Differentials (Percent of WTI) 60% 50% Logistical Pipeline Constraints WCS Issues in 40% PADD II 30% 20% 10% Maya 0% 2005 2006 2007 2008 2009 2010 2011 2012 -10% -20% WCS at Hardisty Maya at USGC Q4 to Q1 Q2…
  50. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 50
    Expanding Pipeline Options ENB Gateway 525 Mbbl/d Crude Export Line Fort McMurray Kitimat Edmonton TMX Staged Expansion Hardisty Quebec City 525 Mbbl/d St. John Montreal Vancouver Portland Superior Kinder Morgan ENBRIDGE Line…
  51. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 51
    Heavy Oil Keystone XL Pipeline Transportation CNQ committed 120,000 bbl/d to the Keystone XL Pipeline to US Gulf Coast for 20 years Mitigates logistical constraints Narrows heavy oil differential Significantly reduces market risk…
  52. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 52
    The Primary Heavy Oil Advantage Shallow formations, low risk, multi-zone Vertical, slant or horizontal wells from single or multi-well pads 350-650m depth, 1-3 zones per well Low geological risk Flexible and repeatable Year round…
  53. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 53
    Primary Heavy Oil Technology Applications 1. Increase recovery from lower quality reservoirs Horizontal well applications, 100 wells in 2012 Oil over water Less permeable pools 2. Increase recovery from existing assets Secondary or…
  54. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 54
    Pelican Lake Polymer Flood What is a polymer It is a non-toxic polyacrylamide powder mixed with water Oil Production Why does it help recovery It increases the viscosity of water and improves vertical and aerial sweep…
  55. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 55
    Pelican Lake Polymer Flood Response Initial Pilot Well Oil Production (bbl/d) 400 350 300 250 200 150 100 Polymer flood Polymer injection commenced 320 Mbbl to date 50 Primary 156 Mbbl 0 Ja 7 Ja 8 Ja…
  56. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 56
    Pelican Lake Polymer Flood Expansion Polymer flood at end of 2011 49% 2012 Polymer Plan 55% 5 Year Polymer Plan 73% Contingent 97% CNQ Land Polymer Success Leads to Expansion CNQ Slide 56
  57. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 57
    Pelican Lake Polymer Flood Technology Development Horsetail 250 100% First patterns flooded in 2006 200 80% Low water production on primary, Oil Rate (bbl/d) Water Cut 0%-10% 150 60% Response to polymer in 9 months 9…
  58. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 58
    Thermal In Situ Oil Sands Bitumen Recovery Schemes Cyclic Steam Stimulation (CSS) Steam Assisted Gravity Drainage (SAGD) Inject / produce from single well Dedicated injector / producer (2 wells) High pressure Low pressure continuous…
  59. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 59
    Kirby Project Area Two main plants 140,000 bbl/d potential 100% working interest and operatorship Kirby South target facility capacities Phase 1 - 45,000 bbl/d Phase 2 - 15,000 bbl/d Kirby North target facility capacities Phase 1…
  60. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 60
    North America Light Oil and NGL Q4/11 production 62 Mbbl/d 2012 production growth 17% 100 operated waterfloods AB Enhanced Oil Recovery (EOR) SK MB 1 active, 2 planned Forecast activity 2011 drill 142 wells record drilling…
  61. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 61
    North America Light Oil Strategy Maximize waterflood recovery Optimize pressure maintenance Light Oil Production and sweep efficiency Production Edm Par EOR incremental recovery (Mbbl/d) (C/bbl) Inject gas or chemicals to 800 120…
  62. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 62
    Grand Forks ASP Flooding Alkaline Surfactant Polymer (ASP) flooding Surfactants reduce the oil left behind by the waterflood at Grand Forks Works like soap Polymer improves the sweep of the injected fluid, reaching reservoir bypassed…
  63. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 63
    Technology Option Thermal Geo-steering Well Placement Primrose North Steam Plant Bitumen burner tip Capturing More of the Reservoir CNQ With Technology Advancement Slide 63
  64. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 64
    Thermal Heavy Oil Technology Advancement Stage 1, CSS recovery factor 20% Celsius Horizontal Wells Stage 2, Infill recovery factor 30% Infill Well Stage 3, Gravity Drainage recovery factor 40% Injector Well Producing…
  65. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 65
    Horizon Oil Sands Process and Technology Only Proven Technologies Will be CNQ Utilized Reducing Technology Risks Slide 65
  66. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 66
    Horizon Oil Sands Site Layout Lease 15 Synenco SHC SU CNQ Horizon UTS SHC Oil Sands IOL SYN XOM Deer CreekCNQ SHC SU Lease 12 HSE CNQ SYN 43 miles IOL SU DVN SYN SU PCA ECA SU PCA Lease 11 ECA XOM Fort…
  67. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 67
    Revolving Bank Credit Facilities (C Million) Maturity Revolving bank line - Conventional 3,000 June 2015 Revolving bank line - Horizon 1,500 June 2012 Operating demand loan 200 Demand North Sea operating line (15 Million) 23 Demand Total…
  68. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 68
    Maturity Schedule Public Debt (C Million) 1,400 1,200 1,000 800 600 400 200 0 2012 2015 2018 2021 2024 2027 2030 2033 2037 C Public US Public (converted to C Equivalent) Note: Represents principal repayments only and does…
  69. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 69
    2012 Crude Oil Hedging (US/bbl) Brent Collars / WTI Puts 170 150 130 110 90 70 50 Brent Strip WTI Strip Brent Ceiling WTI Puts/ Brent Floor 100% 80% 71% - Market 58% - Market 59% - Market 62% - Market 60% 40% 11% 80.00…
  70. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 70
    Resource Disclosure (1) 1. Bitumen (Thermal Oil) Discovered Bitumen Initially-in-place 78.0 billion barrels Proved Company Gross Reserves 1.0 billion barrels of Bitumen Probable Company Gross Reserves 0.7 billion barrels of Bitumen…
  71. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 71
    HEDGING At March 8, 2012, the Company had the following net derivative financial instruments outstanding: Remaining term Volume Weighted average price Index Crude oil Crude oil price collars Mar 2012 Dec 2012 50,000 bbl/d US80.00…
  72. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 72
    KEY HISTORIC DATA 2006 2007 2008 2009 2010 2011 Operational Information Daily production, before royalties Crude oil and NGLs (Mbbl/d) 332 331 316 355 425 389 Natural gas (MMcf/d) 1,492 1,668 1,495 1,315 1,243 1,257 Barrels of oil…
  73. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 73
    CORPORATE GUIDANCE March 8, 2012 First Quarter 2012 2012 Guidance Daily Production Volumes (before royalties) Natural gas (MMcf/d) 1,300 - 1,320 1,247 - 1,297 Crude oil and NGLs (Mbbl/d) North America 297 - 309 320 - 340 North…
  74. CORPORATE PRESENTATION – Canadian Natural Resources Limited (CNRL) – slide 74
    Allan P. Markin Chairman John G. Langille Douglas A. Proll Vice-Chairman Mark Stainthorpe Chief Financial Officer & Manager, Investor Relations Senior Vice-President, Finance Steve W. Laut (403) 514-7845 President Corey B. Bieber…

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